Director IIRM, Talking About Scope Of Careers In Insurance Sector

1. What is that one thing that you would like to say about careers in Insurance?

Potential for career development in insurance sector is most vibrant topic today. Nearly a Million plus persons are working today as employees in Insurance sector and equally higher persons are associated with this sector as Agents, Consultants, Surveyors, Loss Assessors, Underwriters, Claim Settlers, Salvage Dealers, Brokers, Sub-brokers, etc. The growth rate in Insurance Sector is more than 20% in last 3 years. There is huge potential for development in Insurance sector. The penetration of insurance is very low in the country compared to other developing and developed countries. India is leading towards one of the strongest economy of the world by 2020 and it is international phenomenon that insurance sector always booms along with growing economy. Insurance is the backbone of overall economy of the country. For the developing country like India where growth of the economy is at double digit rate, Insurance talent is inevitable

But very interesting fact of the today is that no one is aware about the exact potential of career development and opportunities in Insurance Sector. After years of experience in Insurance Sector and witnessing the changing scenario of insurance sector after IRDAI, I have noticed that the present and future workforce in Insurance sector is totally puzzled about the career enhancement and confused to find a road map for growth. Thousands of Career Fairs & Exhibitions across the country are covering all sectors for career opportunities like IT, BPO, ITES, Engineering, Automobile, Management, Finance, Medical, Health Care, Accounts, Law, Company affairs etc, nobody is talking about insurance sector for career development. People believe that insurance is a small part of finance sector and it need not be cared beyond mere selling of insurance products.

Unfortunately I have to state that professionals, public in general society as a whole are not aware about the exact potential and scope of career enhancement in Insurance Sector. Working in insurance sector is always a secondary thought and society hesitate to honor career in insurance sector. Association in insurance activity is always presumed as below status career. This prejudice attitude towards insurance sector is a great harm for new entrants and career growth of current workforce. This is ironical that due to this negative attitude, the new generation is neglecting and under estimating a golden opportunity of developing gorgeous career in insurance sector.

In future, Online Insurance will have a key role in new business. But the situation is now changing drastically. Career in Insurance is not merely a selling activity. Insurance Sector require domain technical knowledge. The employees with core insurance competency can only grow henceforth. After a decade of privatization, corporate companies have understood that insurance is not a FMCG product and one must possess technical skills and fundamental knowledge to exist & grow in this market. Servicing will be key for growth and for this, one require domain expertise. For new entrants, any graduation with specialized diploma in insurance domain like underwriting, claims, motor insurance, health insurance, banc assurance, reinsurance, liability insurance, aviation insurance, engineering insurance, agricultural insurance, marine insurance, etc will be helpful to enter in insurance sector.

One has to improve his academic qualification and scope of skills by adding various diplomas from various streams of insurance. As one grows with experience, this academic excellence and expansion will improve his employability and scope of promotions and growth.

2. How different is IIRM from colleges offering similar program?

IIRM is unique in character as the Institute is promoted by the Insurance Regulator (IRDAI) and The Government Of Telangana. It provides focused professional courses with internship industry nature and placement assistance. IIRM courses enjoys National and International Accreditation from professional bodies like All India Council for Technical Education(AICTE), Charted Insurance Institute LONDON(CII),Insurance Regulatory development  Authority of India(IRDAI).

3. How exciting is the student life and networking opportunities provided by IIRM to its students?

Class Room inputs in IIRM are delivered by Professionals with hands-on experience in the Insurance Industry. The subjects are practically oriented. 

There is a possibility for students and professionals from the industry to come together and interact this could provide platform for networking.

Our success as an institution depends on securing students intellectually and financially rewarding internships and placements. Resume workshops, interview coaching, and access to our faculty’s industry networks are some features of our dedicated placement cell.